Thu, 21 Jul 2016 | COMMERCIAL PROPERTY
The Exchange Coach House Inn, which dates back to 1760, will be going up for auction, with a price sought of £1.5 million for the freehold interest.
The former Lincolnshire coach house is now a 42-bedroom hotel with a bar and restaurant, but was originally used as a home for a “man of substance”, before being used as a ladies' finishing school. It was purchased in about 1895 by a group of wealthy farmers; a small hall was built and was named The Exchange Club. Notable guests at the club included Winston Churchill in his younger days.
The property's present owner, Joseph Mullen, bought it after it had slipped into a derelict state in the 1970s, and renovated it, preserving many of its original plasterwork and fireplace features. He also added 22 en-suite bedrooms, a bar, lounge and licensed cafe.
Christie & Co is managing the sale. Director Mark Worley told the Lincolnshire Echo: “Over the past eight years, the hotel has been operating on minimal opening hours due to the current owner's other business ventures.
"Pre-recession, the business was turning over in excess of £1 million and generating profits of around £500,000. This was achieved with just 22 bedrooms.
"The hotel now stands ready to welcome a new owner to take full advantage of the investment our client, who is retiring, has put into the site."
The grade II building also comes complete with ghost stories of unexplainable footsteps, a headless monk and the apparition of a little girl thought to have fallen from the roof.
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